Market Report - May 2017

All percentage changes in this report refer to month-on-month price
changes and are provided by Mintec.

EXCHANGE RATES

Against the $, sterling opened the month at 1.22 and closed at 1.24.
Against the €, sterling opened the month at 1.16 and closed at 1.15.

SOFT COMMODITIES

Arabica coffee prices were down on ICE US (-4%), due to speculation of higher supplies
in 2016/17 as production is forecast to rise 26% y-o-y. Robusta prices rose on London ICE
(+1%), due to ongoing drought conditions in Brazil’s main growing regions. Sugar prices fell
on ICE US (-9%) and on London ICE (-7%).

Sugar prices fell on ICE US (-9%) and on London ICE (-7%).
Cocoa bean prices rose on ICE US (+11%) and on London ICE (+10%), supported by
concerns over lower quality of some of the cocoa beans from Ivory Coast, the main cocoa
producer. In the UK cocoa butter prices remained stable (0%), while cocoa powder prices
were up (+2%), influenced by higher prices of raw cocoa beans.

OILS AND FATS

Soyabean oil prices fell on CBOT US (-6%), in Argentina (-5%) and in Rotterdam (-1%), due
to a rise in forecasts for Brazilian soyabean production.

GRAINS

Milling wheat prices fell on CBOT US (-7%), Euronext Paris (-4%), in Germany (-3%) and
on ASX Australia (-2%), but remained stable in the UK (0%).
Feed wheat prices rose in the UK (+1%), but remained stable on ICE Europe (0%) and in
Hungary (0%).

INGREDIENTS

Hazelnut prices fell in Turkey (-2%). Almond prices were up in the US (+4%), but fell in
Spain (-4%). Peanut prices continued to fall across all markets, with declines seen in Brazil
(-6%), Argentina (-5%) and the US (-1%). Cashew prices remained stable in Vietnam (0%).

Pine nut prices fell in China (-13%).

For dried fruit, sultana prices were down in Turkey (-1%), with raisins also falling in Turkey
(-3%) and the US (-2%). Dried apricot prices were up in Turkey (+5%). Desiccated coconut
prices fell in the Philippines (-2%).

DAIRY

Butter prices rose in the EU (+5%), due to lower milk fat availability and rising demand. EU
butter prices rose in the UK (+7%), Germany (+4%), Belgium (+3%), Poland (+2%) and
France (+2%). Butter prices rose in New Zealand (+11%), but fell in the US (-7%).

Prices for cheese in the EU fell for Emmental (-4%), UK Cheddar (-3%) and Gouda (-1%),
but remained stable for Edam (0%) and Italian Parmesan (0%). Elsewhere, cheese prices
fell for US Mozzarella (-10%), US Cheddar (-9%) and New Zealand Cheddar (-3%). SMP
prices fell in the EU (-8%), due to buyers holding off purchasing large volumes.

EU SMP prices fell in France (-14%), Germany (-10%), Belgium (-8%) and the Netherlands
(-8%). SMP prices fell in New Zealand (-22%), but rose in the US (+3%).
WMP prices fell in the EU (-5%), with prices down in the Netherlands (-9%), France (-8%),
Germany (-8%) and Belgium (-7%). Shell egg prices rose in the EU (+6%), due to rising
demand leading up to the Easter period.

ENERGY

Light sweet crude oil prices on NYMEX US (-10%) and Brent crude oil prices on ICE London
(-9%) fell due to record US stocks, rising production and lower refi nery utilisation. Diesel
prices fell in the EU (-8%) and the US (-6%), due to good supply and milder weather
conditions in Europe limiting demand.

Petrol prices fell in the EU (-13%) and the US (-4%), due to stocks of refi ned products at
record high levels in the US. Gas oil prices fell on ICE EU (-9%).